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Options breakeven and profit calculator for calls and puts
Short answer: A long call breaks even at expiry at strike + premium; a long put at strike - premium. The most you can lose is the premium paid (premium x 100 x contracts). A $100 call bought for $2.50 breaks even at $102.50 and loses at most $250 per contract; at $105 at expiry it makes $250.
| Breakeven at expiry | $102.50 |
| Cost and maximum loss | $250.00 |
| Maximum gain | unlimited |
| Profit / loss at $105 | +250.00 |
| Model chance of profit at expiry | 32.3% (needs a +2.50% move) |
Showing a worked example. Enter your own numbers above; the result's link can be shared.
The arithmetic
- Long call: breakeven = strike + premium. Below the strike at expiry it is worth nothing; above, it is worth price − strike per share. Gain is unlimited.
- Long put: breakeven = strike − premium. Above the strike it is worth nothing; below, it is worth strike − price. Gain is capped at the strike minus the premium (stock to zero).
- One contract is 100 shares, so a $2.50 premium costs $250 per contract, and that is the most a buyer can lose.
Chance of profit
Enter the current price, implied volatility and days, and the calculator estimates the chance of finishing beyond the breakeven with the same model as the options probability calculator. It is usually well under 50% for a bought option: the premium has to be earned back before the trade makes money.
Before expiry
This shows the value at expiry. Before then an option also has time value, so it can be sold above its intrinsic value; that value shrinks as expiry approaches (theta), fastest in the last weeks.
Other calculators: Expected move calculator: price, implied volatility and days · Options probability calculator: chance of finishing above, below or touching a strike. Explainers: Learn.
Arithmetic and model estimates, not investment advice. Options involve substantial risk.